Corporation in United States
Corporation Definition
(Lat. corpus, a body). A franchise possessed by one or more individuals, who subsist as a body politic under a special denomination, and are vested, by the policy of the law, with the capacity of perpetual succession, and of acting in several respects, however numerous the association may be, as a single individual. 2 Kent, Comm. 267. A corporation is a body, or artificial person, consisting of one or more individuals, or sometimes of individuals and other corporations created by law, and invested by the law with certain legal capacities, as the capacity of succession, and the capacity to sue and be sued, to make contracts, to take, hold, and convey property, to commit torts and crimes, and to do other acts, however numerous its members may be, like a single individual Clark & Marshall, Corp. 2. A body, consisting of one or more natural persons, established by law, usually for some specific purpose, and continued by a succession of members. It is this last characteristic of a corporation, sometimes called its immortality, prolonging its existence beyond the term of natural life, and thereby enabling a longcontinued effort and concentration of means to the end which it was designed to answer, that constitutes its principal utility. A corporation is modelled upon a state or nation, and is to this day called a body politic, as well as coj:porate, thereby indicating its origin and derivation. Its earliest form was, probably, the municipality or city, which necessity exacted for the control or local police of the marts and crowded places of the state or empire. The combination of the commonalty in this form for local government became the earliest bulwark against despotic power, and a late philosophical historian traces to the remains and remembrance of the Roman municipia the formation of those elective governments of towns and cities in modem Europe, which, after the fall of the Roman empire, contributed so largely to the preservation of order, and to the protection of the rights of life and property as to become the foundation of modern liberty. Mcintosh, Hist. Eng. pp. 31, 32.. An association of persons united in one body, having perpetual succession, vested with political rights conferred upon it by the authority creating it. 155 111. 179; 199 111. 635. Aggregate Corporations. Those which are composed of two or more members at the same time. An aggregate corporation is a corporation consisting of more than one member, and has been defined as an artificial body of men, composed of divers individuals, the ligaments of which body are the franchises and liberties bestowed upon it, which bind and unite all into one, and in which consists the whole frame and essence of the corporation. 1 Fletcher Cyclopedia Corporations, 79. Business. A corporation organized for the purpose of conducting financial dealings, buying and selling, traffic in general and mercantile transactions is a business corporation. Usually the term applies to any banking, manufacturing and tra4ing corporation, and insurance companies, whether fire, life or marine, have been held to be business corporations. Fletcher Cyclopedia Corporations, 131. Civil Corporations. Those, which are created to facilitate the transaction of business. Ecclesiastical Corporations. Those which are created to secure the public worship of God. Eleemosynary Corporations. Those which are created for the purpose of charities, such as schools, hospitals, and the like. Estoppel. While as against the state a corporation cannot be created by the mere agreement or other act or omission of private persons, yet as between private litigants they may, by their agreements, admissions, or conduct, place themselves where they would not be permitted to deny the fact of the existence of the corporation. The corporation, under such circumstances, is often designated a corporation by estoppel. 1 Fletcher Cyclopedia Corporations, 660. Lay Corporations. Those which exist for secular purposes. Pecuniary Profit. Under the statutes of some states, separate provisions are made for the incorporation of corporations for pecuniary profit as distinguished from corporations not for pecuniary profit. Within the meaning of such a provision, a corporation for pecuniary profit has been defined to be a corporation organized for the pecuniary profit of its stockholders or members. Fletcher Cyclopedia Corporations, 132. Private Corporations. Those which are created wholly or in part for purposes of private emolument. 4 Wheat. (U.S.) 668; 9 Wheat. (U.S.) 907. Public Corporations. Those which are exclusively instruments of the public interest. Sole Corporations. Those which by law consist of but one member at any one time. State or Nation. The word corporation in its extensive signification applies to a nation or state, and thus used, the United States, and the several, states, or commonwealths, composing the Union may be termed corporations, Accordingly, there are many decisions holding that the United States is a corporation or a body corporate, and it may, like other corporations, enter into contracts, take hold, and convey property and sue or be sued, if it consents. In a like manner, the various states have been held to be corporations, and the same rule applies to territories. 1 Fletcher Cyclopedia Corporations, 110. Stocl<. A stock corporation or joint stock corporation is a corporation having a capital stock divided into shares, and which is authorized by law to distribute to the holders thereof dividends or shares of the surplus of the corporation. 1 Fletcher Cyclopedia Corporations, 112.
Corporation in Foreign Legal Encyclopedias
| Link | Description |
|---|---|
| Corporation | Corporation in the World Legal Encyclopedia. |
| Corporation | Corporation in the European Legal Encyclopedia. |
| Corporation | Corporation in the Asian Legal Encyclopedia. |
| Corporation | Corporation in the UK Legal Encyclopedia. |
| Corporation | Corporation in the Australian Legal Encyclopedia. |
For starting research in the law of a foreign country:
Browse the American Encyclopedia of Law for Corporation
Scan Corporation in the appropriate area of law:
| Link | Description |
|---|---|
| Corporation | Corporation in the Family Law Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the IP Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the Commercial Law Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the Criminal Law Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the Antritrust Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the Bankruptcy Law Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the Constitutional Law Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the Tax Law Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the and Finance and Banking Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the Employment and Labor Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the Personal Injury and Tort Portal of the American Encyclopedia of Law. |
| Corporation | Corporation in the Environmental Law Portal of the American Encyclopedia of Law. |
Explore other Reference Works
| Resource | Description |
|---|---|
| Corporation in the Dictionaries | Corporation in our legal dictionaries |
| http://lawi.us/corporation | The URI of Corporation (more about URIs) |
| Corporation related entries | Find related entries of Corporation |
Legal Issue for Attorneys
(Lat. corpus, a body). A franchise possessed by one or more individuals, who subsist as a body politic under a special denomination, and are vested, by the policy of the law, with the capacity of perpetual succession, and of acting in several respects, however numerous the association may be, as a single individual. 2 Kent, Comm. 267. A corporation is a body, or artificial person, consisting of one or more individuals, or sometimes of individuals and other corporations created by law, and invested by the law with certain legal capacities, as the capacity of succession, and the capacity to sue and be sued, to make contracts, to take, hold, and convey property, to commit torts and crimes, and to do other acts, however numerous its members may be, like a single individual Clark & Marshall, Corp. 2. A body, consisting of one or more natural persons, established by law, usually for some specific purpose, and continued by a succession of members. It is this last characteristic of a corporation, sometimes called its immortality, prolonging its existence beyond the term of natural life, and thereby enabling a longcontinued effort and concentration of means to the end which it was designed to answer, that constitutes its principal utility. A corporation is modelled upon a state or nation, and is to this day called a body politic, as well as coj:porate, thereby indicating its origin and derivation. Its earliest form was, probably, the municipality or city, which necessity exacted for the control or local police of the marts and crowded places of the state or empire. The combination of the commonalty in this form for local government became the earliest bulwark against despotic power, and a late philosophical historian traces to the remains and remembrance of the Roman municipia the formation of those elective governments of towns and cities in modem Europe, which, after the fall of the Roman empire, contributed so largely to the preservation of order, and to the protection of the rights of life and property as to become the foundation of modern liberty. Mcintosh, Hist. Eng. pp. 31, 32.. An association of persons united in one body, having perpetual succession, vested with political rights conferred upon it by the authority creating it. 155 111. 179; 199 111. 635. Aggregate Corporations. Those which are composed of two or more members at the same time. An aggregate corporation is a corporation consisting of more than one member, and has been defined as an artificial body of men, composed of divers individuals, the ligaments of which body are the franchises and liberties bestowed upon it, which bind and unite all into one, and in which consists the whole frame and essence of the corporation. 1 Fletcher Cyclopedia Corporations, 79. Business. A corporation organized for the purpose of conducting financial dealings, buying and selling, traffic in general and mercantile transactions is a business corporation. Usually the term applies to any banking, manufacturing and tra4ing corporation, and insurance companies, whether fire, life or marine, have been held to be business corporations. Fletcher Cyclopedia Corporations, 131. Civil Corporations. Those, which are created to facilitate the transaction of business. Ecclesiastical Corporations. Those which are created to secure the public worship of God. Eleemosynary Corporations. Those which are created for the purpose of charities, such as schools, hospitals, and the like. Estoppel. While as against the state a corporation cannot be created by the mere agreement or other act or omission of private persons, yet as between private litigants they may, by their agreements, admissions, or conduct, place themselves where they would not be permitted to deny the fact of the existence of the corporation. The corporation, under such circumstances, is often designated a corporation by estoppel. 1 Fletcher Cyclopedia Corporations, 660. Lay Corporations. Those which exist for secular purposes. Pecuniary Profit. Under the statutes of some states, separate provisions are made for the incorporation of corporations for pecuniary profit as distinguished from corporations not for pecuniary profit. Within the meaning of such a provision, a corporation for pecuniary profit has been defined to be a corporation organized for the pecuniary profit of its stockholders or members. Fletcher Cyclopedia Corporations, 132. Private Corporations. Those which are created wholly or in part for purposes of private emolument. 4 Wheat. (U.S.) 668; 9 Wheat. (U.S.) 907. Public Corporations. Those which are exclusively instruments of the public interest. Sole Corporations. Those which by law consist of but one member at any one time. State or Nation. The word corporation in its extensive signification applies to a nation or state, and thus used, the United States, and the several, states, or commonwealths, composing the Union may be termed corporations, Accordingly, there are many decisions holding that the United States is a corporation or a body corporate, and it may, like other corporations, enter into contracts, take hold, and convey property and sue or be sued, if it consents. In a like manner, the various states have been held to be corporations, and the same rule applies to territories. 1 Fletcher Cyclopedia Corporations, 110. Stocl<. A stock corporation or joint stock corporation is a corporation having a capital stock divided into shares, and which is authorized by law to distribute to the holders thereof dividends or shares of the surplus of the corporation. 1 Fletcher Cyclopedia Corporations, 112.
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Notice
This definition of Corporation Is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
Plain-English Law
Corporation as defined by Nolo’s Encyclopedia of Everyday Law (p. 437-455):
A legal structure authorized by state law that allows a business to organize as a separate legal entity from its owners, thereby shielding them from personal liability from business debts and obligations, and allowing the business to take advantage of corporate tax rules
Practical Information
Note: Some of this information was last updated in 1982
A collection of persons who act together to accomplish some monetary, ideal, or governmental purpose. A corporation is a legal entity separate and apart from the persons who are interested in and control it. The state authorizes its existence and gives it certain powers. It also has certain powers that it gives itself, within the limits prescribed by the state, when it goes through the formalities of organization. A corporation has fundamental characteristics that make it the most popular form of business organization. Probably the most favorable aspect of the corporate form is the assurance of limited liability to the persons who put capital into the business. Corporations may be classified as public corporations, corporations not for profit, and corporations for profit, each class being organized under different statutes.
Public Corporations
All the subdivisions of the state, such as cities, tax districts, and irrigation districts. They also include government owned corporations, such as the Commodity Credit Corporation.
Corporations Not for Profit
Those organized for purposes other than the pecuniary gain of their members. Nonprofit corporations do not have capital (see it in this site) stock or pay a dividend (see it). Those who are interested in and control the corporation are referred to as its members, rather than its stockholders or shareholders as in a corporation for profit. These corporations include religious, civil, social, educational, fraternal, charitable, and cemetery associations.
Corporations for Profit, or Business Corporations
. Those with capital stock that carry on an enterprise for profit. Business corporations fall into three groups: (1) banks and insurance companies, which are known as moneyed corporations; (2) corporations that furnish public utility services to the public, such as transportation and electricity, which are known as public service corporations; and (3) corporations engaged in ordinary business pursuits, such as manufacturing, which are known as private corporations. The first two classes are subject to stricter governmental control than the private corporation. The organization procedure herein described relates to a private business corporation, but it is adaptable to other corporations.
Incorporating procedure
To organize a corporation means to bring it into existence. Each state designates a specific department.
See also here
certificate (in U.S. law) (of Incorporation); state of incorporation (in U.S. law) ; de jure corporation (in U.S. law); de facto corporation (in U.S. law); subsidiary corporation (in U.S. law); close (in U.S. law) (OR closed (in U.S. law)) corporation (in U.S. law).
What is Corporation?
For a meaning of it, read Corporation in the Legal Dictionary here. Browse and search more U.S. and international free legal definitions and legal terms related to Corporation.
Corporation meaning
A legally recognized person having a legal existence independent of its shareholders, officers, and employees. While the employees and officers may be liable for negligence the shareholders of the corporation are limited in liability for the torts of the corporation to the extent of their investment in the corporation.
Corporation in the International Business Landscape
Definition of Corporation in the context of U.S. international business and public trade policy: An organization given a legal personality for carrying on certain activities. It may be closely held or publicly traded.
Corporation in the context of the Political Party Committees
In this context, Corporation may be defined as follows: Any separately incorporated entity (other than a political committee that has incorporated for liability purposes only). 100.134(l) and 114.12(a). The term covers both for-profit and nonprofit incorporated organizations and includes nonstock corporations, incorporated membership organizations, incorporated cooperatives, incorporated trade associations, and professional corporations.
Corporation: Main Elements
The coverage of Corporation includes the following element(s):
Corporation
Find out an overview of this topic, in relation to Corporation, in the legal Ecyclopedia.
References
See Also
- Business Law
- Business Organizations
Corporation
In Legislation
Corporation in the U.S. Code: Title 36, Subtitle II, Part B, Chapter 407, Subchapter I
The current, permanent, in-force federal laws regulating corporation are compiled in the United States Code under Title 36, Subtitle II, Part B, Chapter 407, Subchapter I. It constitutes “prima facie” evidence of statutes relating to Patriotic Organizations (including corporation) of the United States. The reader can further narrow his/her legal research of the general topic (in this case, Arms and Safety of the US Code, including corporation) by chapter and subchapter.
Corporation
In Legislation
Corporation in the U.S. Code: Title 36, Subtitle II, Part B, Chapter 2205, Subchapter I
The current, permanent, in-force federal laws regulating corporation are compiled in the United States Code under Title 36, Subtitle II, Part B, Chapter 2205, Subchapter I. It constitutes “prima facie” evidence of statutes relating to Patriotic Organizations (including corporation) of the United States. The reader can further narrow his/her legal research of the general topic (in this case, United States Olympic Committee of the US Code, including corporation) by chapter and subchapter.
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